House Bill 781 amends Tennessee Code Annotated to establish regulations surrounding the wholesaling of real property. The bill introduces definitions and requirements for buyers who engage in wholesaling, specifically defining "equitable interest" as the right of a buyer to benefit from real property after entering into a purchase contract but before the legal title is transferred. It outlines that a buyer can assign their equitable interest to a subsequent purchaser for a higher price, provided they disclose specific information in writing to both the potential purchaser and the seller. This includes the nature of their equitable interest and their intent to market it, with disclosures required to be in bold, large font.

Additionally, the bill stipulates that any action for violation of these regulations must be initiated within two years of the contract's execution and clarifies that these provisions apply solely to transactions involving real property. The act is set to take effect upon becoming law, emphasizing the importance of transparency and compliance in real estate transactions involving wholesaling.